A fraudster got $12M out of a Canadian university

Re:A fraudster got $12M out of a Canadian university by na85 on Thursday October 11, 2018 @10:35AM (#18193852)

Again I think that just slapping a new service in there doesn't address the fundamental problem which is that the university did not conduct sufficient verification of payment details before sending out 12 million dollars.

All it would have taken is a phone call to the company's accounting department confirming the change.

"Verification of changes to banking details as a service" is not the answer. It's a Band-Aid solution.

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Re:A fraudster got $12M out of a Canadian university by scott_s on Thursday October 11, 2018 @10:53AM (#18193995)

And my perspective is that as long as you have a process where administrative staff are making the changes, they will cut corners. For them, these transfers are routine. They do dozens every month. You need a process which removes them from the loop.

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